As many residents in western North Carolina continue to cope without power and running water following Hurricane Helene, a hearing began on Monday regarding the insurance industry's request to raise homeowner premium rates by an average of more than 42% across the state.
Home insurers are arguing for a 42% average rate hike in North Carolina after the hurricanes
10/18/2024
A top official for Insurance Commissioner Mike Causey initiated what is expected to be several weeks of witness testimonies, evidence presentations, and legal arguments between attorneys for the state's Insurance Department and the North Carolina Rate Bureau, which represents insurance companies advocating for the rate hike.
The Rate Bureau, in a 2,000-page filing submitted last January, proposed increases that vary significantly, from just over 4% in some mountain regions to as high as 99% in coastal areas. Around major cities like Raleigh, Charlotte, and Greensboro, the suggested increases are approximately 40%.
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